NBG CEO Frangiadakis quits a day before stress test results

The chief executive of Greece’s second-biggest lender, National Bank of Greece (NBG), Leonidas Frangiadakis, submitted his resignation on Friday, after a request by the bank's board, sources said.

According to information, the board blames Frangiadakis for a series of misguided decisions, such as the sale of the bank's insurance unit, Ethniki Insurance, the sale of NBG's subsidiary in Romania and his handling of the economic problems of the bank employees' auxiliary pension fund (LEPETE).

The board announced he will be replaced temporarily by Deputy CEO Paul Mylonas and next week the bank will start the procedures to hire a new CEO.